• Saturday, August 20, 2022

Business

State Bank of India Approves four per cent Stake Divestment from Insurance Arm

Kotak Mahindra Capital Company Limited acted as the financial advisor for the transaction. (Photo: PRAKASH SINGH/AFP/Getty Images).

By: Radhakrishna N S

India’s top lender, State bank of India (SBI) said on Wednesday (26) that its board has sanctioned a plan to sell four per cent share in its general insurance branch to the funds managed by India’s Axis Bank Ltd and Premji Invest. According to a statement, SBI will divest 8.6 million shares in SBI General Insurance Company Ltd (SBI GI) for £50.46 million to Axis New Opportunities AIF-I and PI Opportunities Fund-I. Axis New Opportunities AIF – I represented through its investment manager Axis AMC Ltd. and PI Opportunities Fund-I, an AIF of Premji Invest, will purchase 1.65 per cent and 2.35 per cent stake respectively from SBI. The proposed…

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